How the Great Schools in Prosper Affect Property Values
Brent Wells December 19, 2022
Brent Wells December 19, 2022
A home's designated public schools can make or break a home sale. For some homeowners it is a non-negotable attribute of a home purchase. If a home is outside of their hopeful designated school's boundaries they may walk away. It is not uncommon for homebuyers with young school aged children to feel strongly about a home purchase within certain district or even individual school zoning boundaries.
Research conducted by the National Association of Realtors has shown that 26% of homebuyers hold a home's school quality as a main driving factor in location for purchasing a home. This jumps to 46% when the buyers are between the age of 30 and 39.
It is no surprise that Prosper Texas has one of the best school districts around and that several families have and are moving into the Prosper area to benefit from the great public education system.
Real estate appraiser Mason Spurgeon notes that when it comes to a home purchase location is everything. He also notes that the more desirable a school district is, the more desirable the property becomes.
Some research has shown that a school district is so important to a home purchase that buyers are willing to pay an average of $50 more per square foot for a home in a top-rated school district like the one in Prosper Texas.
Research confirming the impact of great schools on property value conducted in Los Angeles found that homes in desirable school districts brought in 79% more money than homes in average-rated districts just minutes away.
The National Bureau of Economic Research found that for every dollar spent on school funding the property values of the homes in those school boundaries increased by $20.
As a general consensus, research shows that a majority of buyers are looking for homes within the boundaries of a highly-rated school district. But some buyers may look to steer clear of homes within the most desired school boundaries. Why?
Not every home buyer has children and therefore their biggest concern is not with the education system of a property. Buyers like retirees, home flippers, and investors may be more attracted to properties with lower taxes outside of the boundaries of the most desirable schools in an area. Property taxes often are higher on homes within the boundaries of quality school districts. In some areas where the school district may be less desirable it can save a homeowner thousands of dollars per year and the property taxes.
But if you live and prosper you must likely within the boundaries of highly desired schools and there's no need for concern with a higher tax rate or buyers looking to save money outside of a school zone. The amount of buyers still interested in living within the property boundaries of highly rated schools are far greater than those not interested. Parents find it well worth the extra monetary investment and increased home value.
More information on real estate in prosper Texas please contact us anytime.
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